is to map these technical metrics back to business services . Effective business intelligence can help bridge this gap .”
Richard Speigel , BI Centre of Excellence Leader at Nationwide , agrees . He says , “ Banking organisations have access to vast amounts of data that , used correctly , can significantly reduce risk and improve customer outcomes . A BI strategy allows us to access , analyse , and deploy data quickly , turning it into a transformational asset in the business .”
Speigel also advocates BI as an essential tool when it comes to cost-cutting to benefit both companies and customers . “ It ' s important across every aspect of the organisation ,” he says . “ Effective BI increases accuracy and reduces time spent on reporting , connects disparate data and puts the right insight into the hands of the right people at the right time – all of which allows us to reinvest time in more valuable activities that drive tangible costsavings and improve customer outcomes .”
Real time analytics But simply gathering and aggregating data isn ’ t enough to produce razor-sharp insights . Real-time analytics is the tool of choice for most successful enterprises , with edge technology making faster delivery of information possible .
Somji explains , “ Timely and trustworthy data is like oxygen . When oxygen levels are low , our decision-making ability gets impaired . That is to say , business intelligence is absolutely essential in banking today .
74 May 2021